OPEC-Russia oil deal renews threat from Canadian oil sands

ArticleEnergyJanuary 26, 2018 - 7:42:19 AM

When OPEC and Russia meet to review their strategy for clearing a global oil glut, they’ll face an unusual problem.

As their output cuts, coupled with robust global demand, tighten the market, crude prices have soared to a three-year high near US$70 a barrel. That’s prompted warnings — from Iran’s oil minister to Goldman Sachs Group Inc. — of a fresh surge in U.S. production, wrecking all of OPEC’s hard work.

Source:www.mining.com

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